Rallye CDS auction to have 10 dealers and six deliverables
10 dealers will take part in an auction next week to settle CDS contracts referencing Rallye, after the Determinations Committee voted to add Morgan Stanley as a participating bidder

Rallye CDS auction date set with three initial deliverables
A credit event auction to settle CDS referencing Rallye, the parent of French supermarket chain Casino, will take place on 27 June, with the Determinations Committee having agreed an initial list of three deliverable obligations

Credit traders' kickstand: rally makes good on relative value plays, but high yield pitfalls abound
Credit markets are ending the week on a stronger tone overall than they did last Friday, following supportive comments this week from both the US Federal Reserve and the European Central Bank meeting. But big drops in some individual company bonds shows there are still plenty of pitfalls to catch out the unwary

100% pay-out on New Look CDS as physical bids fail to materialise
A credit event auction to settle CDS referencing New Look today resulted in a zero cent final price, meaning contracts paid out to protection buyers in full - the first time this has happened other than by a 'deemed auction' decision since 2012

New Look CDS auction sets 1.5 cents as initial market mid-point
A credit event auction to settle CDS referencing New Look today has produced an initial market midpoint of just 1.5 cents, in line with the low price at which bonds have been quoted

New Look CDS auction to have only one deliverable, says DC
An credit event auction tomorrow to settle CDS referencing UK retailer New Look will have only one deliverable obligation, following no challenges to the initial list

Fund performance

Mizuho appoints US and European credit trading heads in leadership shake-up
The hires include a newly created CLO role, head of credit trading, and head of special situations and illiquid trading 

Supermarket owner Rallye triggers credit event and joins queue for settlement checkout
Rallye, the parent of French supermarket chain Casino, has triggered a bankruptcy credit event, the Determinations Committee for Europe, Middle East and Africa (EMEA) has determined

Permira adds hire to start credit opportunities business
Permira Debt Managers is building out a unit in London to invest in special situations and credit opportunities and has hired a distressed and high yield specialist to help establish the business

Varde distressed credit MD departs in London
Varde Parters has lost a managing director from its London operations, according to market sources

New Look triggers credit event with big pay-out likely for CDS
The Europe, Middle East & Africa Determinations Committee has ruled that New Look has triggered a failure-to-pay credit event

Ellington hires business development head in London
Ellington Management Group has appointed Jonas Frantz to head up business development in Europe and the Middle East, according to market sources

Connecticut pension eyes investment in Clearlake fund
The State of Connecticut Retirement Plans and Trust Fund is considering a $75 million commitment to Clearlake Opportunities Partners II  

Steinhoff CDS auction in limbo due to lock-up and CVA
A date to settle CDS referencing Steinhoff Europe had still to be agreed as Creditflux went to press — more than a month on from when the EMEA Determinations Committee (DC) ruled that the company had triggered a failure-to-pay credit event.

Credit Suisse adds special situations trading head among raft of hires
Credit Suisse has continued to build momentum in its credit business with the hire of a managing director to head special situations and loan trading with its Europe, Middle East and Africa credit products business, following on from nine others across its London and New York credit business

US pension fund to commit $1.1 billion in private credit by 2020
Investment consultant NEPC has recommended that Arizona Public Safety Personnel Retirement System (PSPRS) commit $550 million in private credit in both 2019 and 2020, according to a private credit review  

Shenkman targets $500 million for opportunistic credit fund
Shenkman’s opportunistic fund will aim to take advantage of the volatility in the market

Windstream CDS settles higher than expected amid big physical settlement orders
Windstream Services CDS contracts have settled at a final price of 29.5, presenting a big pay-out for holders of protection but not quite as rewarding as bond levels had projected

Dealers line up to settle Windstream CDS today
Dealers will today hold a credit event auction to settle CDS referencing Windstream Services, with Morgan Stanley added to the list of participating bidders

New Look bankruptcy credit event question put before Determinations Committee
The Credit Derivatives Determinations Committee for the Europe Middle East and Africa (EMEA) region has been asked to rule on whether New Look, the UK based clothes retailer, has triggered a bankruptcy credit event

Steinhoff has triggered failure-to-pay credit event, rules DC
Steinhoff Europe has triggered a failure-to-pay credit event, the EMEA Credit Derivatives Determinations Committee has ruled unanimously

Steinhoff Europe failure-to-pay credit event question posed to DC
The EMEA Determinations Committee has been asked to rule on whether Steinhoff Europe has triggered a failure-to-pay credit event, following the retailer’s lock-up period request

UBP expands alternatives business with credit Ucits fund
L’Union Bancaire Privée has expanded its alternative investment offering, teaming up with New York-based Global Credit Advisors for the launch